Bitfarms reveals plans for $240M mining upgrade to triple hash rate after halving.

Bitfarms, a Bitcoin mining company, has announced plans to invest $240 million in upgrading its Bitcoin mining equipment in preparation for the Bitcoin halving in 2024. The company aims to remain profitable after the halving by focusing on improving performance and profitability. Bitfarms intends to procure 88,000 highly efficient Bitcoin miners, including 35,888 Bitmain T21 miners, 28,000 additional T21 miners, 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners. In March 2024, Bitfarms earned 286 BTC through mining, highlighting the importance of increasing hash rate capacity to maintain profitability. The company has sold most of the Bitcoin it mined in the past two months to reinvest in growing its mining fleet. Bitfarms currently holds $66 million in cash and 806 BTC in its treasury. The success of the upgrade program will rely on the company’s operational expertise to achieve industry-leading performance and profitability.